"The work of a financial analyst falls somewhere in the middle between that of a mathematician and of an orator." - Benjamin Graham, The Intelligent Investor The CC Security Analysis aims at providing Practice-oriented solutions for the analysis of Profitability, Growth and Risk Independent Research and Teaching in the area of Fundamental Analysis, Corporate Finance and Security Valuation Risk Management, Performance Management and Analysis of Risk and Return Financial Reporting, Regulation and Standard Setting Mission Statement Bridging Systemic and Idiosyncratic Risk Analysis through the integration of Fundamental Risk Analysis as well as Behavioral Aspects into Quantitative Risk Analysis. Foster critical reflection of investing and trading is not a “natural science”, it is driven by market dynamics, crowd behavior and fundamentals. Seminars Please visit the HSG Trading Room webpage for information on offered Executive Seminars. Selected Articles in the field of Security Analysis: Akbas, Jiang, Koch - 2017 - The Trend in Firm Profitability and the Cross-Section of Stock Returns Kok, Ribando, Sloan - 2017 - Facts about Formulaic Value Investing Ahmed, Safdar - 2017 - Evidence on the Presence of Representativeness Bias in Investor Interpretation of Consistency in Sales Growth Fama, French - 2017 - International tests of a five-factor asset pricing model Penman - 2016 - Design of Financial Statements Penman, Reggiani - 2013 - Returns to buying earnings and book value accounting for growth and risk Soliman - 2008 - The use of DuPont Analysis by market participants Ohlson, Juettner-Nauroth - 2005 - Expected EPS and EPS growth as determinants of value Fairfield, Yohn - 2001 - Using asset turnover and profit margin Beneish - 1999 - The detection of earnings manipulation.pdf Ohlson - 1995 - Earnings, book values, and dividends in equity valuation Selected Publications of the CC Security Analysis Gutsche, Rif - 2017 - The Roadmap to Effective Segment Reporting, At the core of value discovery Gutsche - 2016 - Goodwill in der Bilanz: Zum fragwürdigen Ansatz von Anschaffungskosten einer Investition, die sich schlussendlich „amortisieren“ muss – Ein Plädoyer, Spekulation wieder Anlegern zu überlassen Gutsche - 2016 - Equity-settled Share-based Compensations: Fairly Presented and Decision Useful? Gutsche, Gratwohl, Fauser - 2015 - Bewertungsrelevanz von Corporate Social Responsibility (CSR-) Informationen - Eine empirische Analyse Gutsche Intangibles, quo vadis? - Eine kritische Analyse von IFRS 13 und IFRS 3 - Zeitschrift für Internationale Rechnungslegung Gutsche - 2015 - IFRS 13 - Fair Value Measurement: From Cost to Value? - Eine Bestandsaufnahme des Status Quo Selected Working Papers of the CC Security Analysis Ciocca, Gutsche - 2017 - Retail investors’ attention and momentum strategies - Evidence from the S&P 500 Baumeister, Gutsche - 2017 - The impact of CSR reporting quality on analyst forecast accuracy Gutsche, Gratwohl, Schulz - Firm-value Effect of CSR Disclosure and CSR Performance